Both NACHA and Reg E impose many responsibilities and deadlines – but rules are different. The credit union’s liability varies depending on which rule applies and oftentimes both rules will apply. For example, what if the transaction started out as a paper check but was converted to an ACH debit entry? Would NACHA, Reg E, or both apply? To the unwary, the rules may appear to be the same because both sets use a 60-day period for consumer transactions. Unfortunately, the start dates of the 60-day periods are different. There is a “dead zone” where the credit union can’t return an unauthorized ACH through NACHA, but is still liable to reimburse its member under Reg E.
This webinar will explain the NACHA rules regarding the proper return of unauthorized ACHs through the NACHA system and the Reg E rules regarding the proper handling of unauthorized ACHs. It will clarify this complicated, confusing legal area so you will know which rule applies in which situation.
- Which transactions are covered by NACHA versus Reg E?
- Responsibilities under NACHA and Reg E
- The “dead zone” between NACHA and Reg E
- When Reg E conflicts with NACHA and how to handle the conflict
- TAKE-AWAY TOOLKIT
- Easy-to-follow matrix to determine consumer’s liability under Reg E
- NACHA Operating Rules regarding proper return of unauthorized ACHs
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND?
This informative session will be useful to all deposit operations personnel, account officers, member service representatives, managers, and compliance staff.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane Britt & Browne LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
|Over $75 million
|$25 - $75 million
|Under $25 million
Scholarships are available for all KCUA education events. Scholarships pay 100% of registration fee for credit unions under $25M, 50% for credit unions between $25-$75M and 25% for credit unions over $75M.
Upon registration, you will receive an email confirmation that you can print for your records.